The European affiliate of FTX Trading Ltd., owner and operator of FTX.COM, FTX Europe & MENA today announced that it has secured a license to establish and operate its Virtual Asset (VA) Exchange and Clearing House services in Dubai.
Dubai is the only global economy that has an independently regulated environment under its recently announced Virtual Asset Regulatory Authority (VARA). The virtual exchange license allows FTX to help clients regulated trading and clearing services.
The VA Exchange (VAX) authorisation makes FTX the first provider of regulated trading and clearing services for crypto-specific derivatives.
FTX is proud to be the first licensee under Dubai’s prudential supervision regime. It’s an honor to be one of the first approved applicants in such a specialised category and we are excited to be able to introduce complex crypto-derivatives products with centralised counterparty clearing to institutional markets. FTX receiving this approval is a continuation of our mission to be at the forefront of licensing and regulation around the world. We plan to continue playing a lead role in advancing the digital asset industry in countries that provide a robust regulatory framework, while also operating with the highest security, risk, and investor protection standards.
FTX will work with Dubai in putting in place global operating standards to ensure secure cross-border trades for the entire crypto industry.
Helal Saeed Almarri, Director General of Dubai World Trade Centre Authority that houses VARA said:
Dubai views the Virtual Assets industry as an accelerator for the Future Global Economy. Our VARA regime is structured to catalyze collaboration, foster innovation, and most critically prioritise public protection. This has hence been designed as the world’s first participatory-governance model, where industry innovators and market shapers share responsibility with policy makers to create a smarter, more democratic, and borderless new economy. Licensing FTX within this specialist regime reflects our focus on enabling only the most credible global players that demonstrate a consistent commitment to future-proof this sector.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.